Indoor Harvest Corp (INQD)

[ccsykes]

Then why was vote postponed?

From the postponement announcement:

The Company has postponed the previously scheduled virtual special meeting of shareholders until February 5, 2019 at 5:00pm (Central Standard Time) due to a lack of voting by shareholders.


Proxy votes are based on a record date. The original proxy record date was December 21, 2018. They didn't get enough votes for that record date. A new proxy was filed with a record date of April 10, 2019 with the voting deadline June 7, 2019.

Shareholders of record voted 55% of 60%, overwhelmingly in favor of the proposals per the postponement announcement. Unfortunately, the shareholders that didn't vote, non-affiliates (retail) come from the pool of shareholders who have purchased stock in the open market due to dilution from the Company's note holders.

Record holders voted, it's the retail investors who did not vote in enough numbers. Record holders do not hold enough voting stock in the Company anymore to be able to conduct business due to the dilution.